Companies Act, 1956
Sec 267 - Certain persons not to be appointed managing directors.
No company shall, after the commencement of this Act, appoint or employ, or continue the appointment or employment of, any person as its managing or whole-time director who :
(a) is an undischarged insolvent, or has at any time been adjudged an insolvent;
(b) suspends, or has at any time suspended, payment to his creditors, or makes, or has at any time made, a composition with them; or
(c) is, or has at any time been, convicted by a Court of an offence involving moral turpitude.